Many families decide, sometime during the process of settling an estate, that they could use some professional help and advice, but don’t have the money to retain a lawyer and as well, there is no money in the estate to pay for anything. If there is Real Estate involved and the estate is pretty straightforward and not too large, and you are a conversive, declaiming, detail oriented and business minded person, Mortgage Fixers can assist you just fine without the need for a lawyer. Here are some situations that make you a good candidate for handling the estate with Mortgage Fixers® at your side. Not every one of them needs to apply to your particular circumstance—but the more that do, the smoother process it will be.
Most or all of the Dead Person’s (the Decedent’s) property could be transferred without probate.
The best-case scenario is that you don’t need to go to probate court, because assets can be transferred without it. This depends on the planning the Decedent made before death, you still can’t do anything. But you won’t need probate if all estate assets are held in joint ownership, payable-on-death ownership, or a living trust.
The estate qualifies for simple “small estate” procedures.
No probate is best, but simple or “Summary Probate” is better than regular probate. The estate my even qualify to be “Set Aside”. Whether or not the estate qualifies for the Small Estate or Set Aside depends on heirs and asset values.
If probate is necessary, the state has a relatively simple process.
California has adopted the Uniform Probate Code to streamline probate and simplifying procedures.
The estate doesn’t involve a Business or Complicated Enterprise.
Managing, appraising, and selling a business or Business Interests (LLC’s, INC’s REIT’s) are all tasks that require extensive court actions. If you want to access that asset and keep the interests, you will need a lawyer.
No family fighting.
If disgruntled family members are threatening a lawsuit to contest a Will, get a lawyer’s help now. You may be able to curtail a court fight that will just drain you of money and consume more time than you can even imagine.
The estate has enough money in it to pay its debts.
If it looks like there won’t be enough money in the estate to pay debts and taxes, California has set out the order in which creditors get priority, because it’s not always easy to figure out how to pay out obligations.
The estate won’t owe either state or federal estate tax.
As it stands now, estates don’t owe Federal Estate Tax, so this isn’t likely to be a concern. But if estate taxes are imposed, separate from the Federal Tax you will be responsible for filing an Estate Tax Return with California. If this is the case you should get legal and tax advice.